Offshore drilling expenditure in the South and Central American expected to grow by 7.8% forecasts new report
Trinidad and Tobago, the Falkland Islands, and Suriname in line to be explored
ReportBuyer.com the leading website for market research reports has added a new study which forecasts that the offshore regions of Trinidad and Tobago, the Falkland Islands, and Suriname are expected to be on the list for exploration for many international oil companies, who aim to drill within the next few years, boosting offshore drilling expenditure in the South American region.
The new report "Offshore Drilling Industry in the Americas to 2016 - Activity in Latin America Expected to Drive Expenditure in the Future", looks at offshore drilling activity, which has been a major focus of countries in the Americas, as governments encourage their energy industries in order to make their countries as self-sufficient as possible. Despite political uncertainties, oil and gas giants are moving in on South American countries in order to profit from their relatively unexploited resources.
The major offshore oil and gas fields in the Americas are the Gulf of Mexico, the Newfoundland and Nova Scotia oil fields off the Canadian coastline, and the Campos and Santos basins off the coast of Brazil. However, the offshore basins of the islands of Trinidad and Tobago are rich in natural gas reserves, as are the Carina Aries and Perla oil field shallow water blocks off the Argentine and Venezuelan coasts respectively. Other places in the Americas with offshore drilling investment potential are Suriname, the Falkland Islands, Uruguay, Cuba, Peru and Ecuador, as recent exploration attempts branch out in search for new oil and gas reserves.
The 82 page report says that offshore drilling expenditure in South and Central America increased over 2000–2008, from $4 billion in 2000 to $10.50 billion in 2008, due to substantial exploration activities off the coast of Brazil in the deepwater Santos and Campos basins. The offshore drilling expenditure in the South and Central American region is expected to grow at an Average Annual Growth Rate [AAGR] of around 7.8%, from $12.04 billion in 2011 to around $16.74 billion in 2016.
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